Catylist ID: #29973457
STEIN MART - LA QUINTA - FOR SALE
Retail-Commercial for Sale
|Catylist Listing ID:||29973457|
|Property Subtypes:||Free-Standing Building|
|Building Size (RSF):||36,000 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||3.97 Acres|
|Unit Price:||$230.56 PSF|
|Property Use Type:||Net Leased Investment (NNN), Investment|
|Building Name:||STEIN MART|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||100|
Overview / Comments
Stein Mart is a 36,000 square foot freestanding building located in La Quinta, CA. It is part of Washington Park, a 600,000 square foot Power/Lifestyle Center. Other major tenants in the center include Target, Lowe's, Cost Plus, Trader Joe's, Century Theaters, and several other retail tenants. The property is directly across Highway 111 from the One Eleven La Quinta Center, a 180,000 square foot power center anchored by Kohl's, Hobby Lobby, Ross, Petco and Stater Bros Market.
There are several major retailers in close proximity that include Costco, Walmart, The Home Depot, Smart and Final, Aldi Market, In-N-Out Burger, Chase Bank, Best Buy, Wells Fargo, DSW, TJ Maxx, Ulta Beauty and several others.
Stein Mart originally signed a 15 year lease that commenced in 2004 that included a rental increase in the ninth year of the lease and further increases in each of the three (3) five (5) year Option Periods. They have already exercised their first five (5) year option.
Stein is a publicly traded company with over 5000 employees located in 278 stores in 30 states. Their Annual Corporate Sales were $1.263 Billion. Their stock trades on NASDAQ under the ticker symbol SMRT. The lease is a Corporate Guaranteed Lease with approximately 8.5 years remaining plus two 5 year options.
|Nearest MSA:||Riverside-San Bernardino-Ontario|
|Tax ID/APN:||643-020-046 & 643-020-047 Portion|
|Zoning:||RC (REGIONAL COMMERCIAL DISTRICT)|
|Retail Clientele:||General, Family, Business, Traveler, Tourist|
|Property Located Between:||Washington Street and Adams Avenue|
|Largest Nearby Street:||Highway 111|
|Total Number of Buildings:||1|
|Number of Stories:||1|
|Total Parking Spaces:||225|
|Proximity:||1 mile||3 miles||5 miles|
Thomas R BeatyEl Paseo Realty Group - Commerical Real Estate
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